Six Unit Apartment on 5000 Block of Santa Monica in Ocean Beach Sells for $1.47 Million

A 6-unit apartment on the 5000 block of Santa Monica Avenue was just sold for $1.465 million.

The units – built in 1951 – are located at 5074-5080 Santa Monica and were sold to Marcia Lynn Matassa, successor trustee of The Mills Trust, 1526 Virginia Road, Fullerton 92831.

The improvements are on a 7,000-square-foot lot about a block distance to the beach (assessor’s parcel 448-091-35). The six units comprise approximately 3,446-square-feet of apartment floors that include 10 bedrooms and six bathrooms.

Four garages on the alley are recessed under the back units.

Matassa’s acquisition was financed with a loan of $835,000 from JPMorgan Chase Bank.

The seller of the property was 5074-5080 Santa Monica Avenue LLC, a California limited liability company. Thomas J. Bryan Jr. and David B. Bee are managing partners of the seller.

Last time the property was sold was in May 1984 for $350,000, with financing of $290,000.

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